Divorce involves a lot of compromises, and you must make decisions about how you will divide up your assets and property. Even more important are decisions regarding your children. Typically in North Carolina, both parents are equally responsible for their children, and both are able to make legal decisions such as those regarding school, health care, and religion, among others. Children usually reside primarily with one parent while the other parent has visitation and pays child support. Parents may wonder who will pay for their children’s college costs when they are divorced.
Child Support Guidelines
In North Carolina, parents often follow the standard child support guidelines. These guidelines provide for the care and support of a child up to the age of 18 or upon graduation from high school. There are no legal obligations for parents to pay for a child’s college tuition and other expenses. While the divorce judge does not have the ability to order child support beyond the age of 20, there is a way that parents can plan for their child’s college costs.
Board Certified Family Law Specialist Matt Arnold answers the question: “What children’s expenses are covered by child support?”
Contract Agreement
One way to plan for how parents will pay for a child’s college expenses is through a separate agreement. You can incorporate this agreement or contract into your separation agreement. Both parents would need to agree to the terms, which can be complicated. A possible option would be to both agree to put a specific amount of money on a regular basis into a college fund account. Parents may not always be in agreement regarding saving for college costs, especially when the children are young.
How Much Should Each Parent Pay?
The decision to pay for college costs can be challenging. Sometimes, parents agree to split the costs of college in half. However, in some instances, one parent has a higher income than the other, and therefore, parents may choose to contribute based on percentage. When discussing college expenses, be clear about the types of expenses that you consider appropriate. For instance, you may want to include tuition, room and board, and books. You should also think about additional costs such as transportation, activity fees, and spending money.
Create a College Savings Account
Parents may choose to open a bank account to save for college costs. This will allow both parents to make regular payments over time. North Carolina offers an NC 529 plan that provides for college savings tax and other benefits. You should both agree on which parent will manage the account. Decide how to handle the need for early withdrawals. You should also determine what to do about college savings accounts if a child decides not to seek higher education.
It is always better to talk about college tuition during the separation and divorce process. An agreement can be incorporated into a separation agreement or contract based on your needs. Having an agreement assures that you and your former spouse each understand your responsibilities and agree on how to handle the costs of college and prepare for them in advance. Discuss your divorce with a consultation with our legal team at Arnold & Smith, PLLC, at (704) 370-2828 today.
The family law practice group at Arnold & Smith, PLLC includes four Board-Certified Family Law specialists and one Child Welfare Law specialist, as well as several attorneys with many years of family law experience that are committed to providing a powerful voice to individuals facing the often-tumultuous issues in this area of law. The range of issues our family law clients may be facing include pre- and post-nuptial agreements; separation agreements; post-separation support; child support (both temporary and permanent); absolute divorce; divorce from bed and board; military divorce; equitable distribution of assets; child custody (both temporary and permanent); retirement benefits and divorce; alimony and spousal support; adoption; and emancipation. Because this area of the law is usually emotionally charged and complicated, the family law attorneys at Arnold & Smith, PLLC act with the utmost dedication to ensure that each client understands his or her options, and then act to achieve the best result possible for that client’s particular situation.
Source:
https://www.cfnc.org/save-for-college/
https://www.forbes.com/advisor/legal/divorce/separation-agreement/
Image Credit:
https://www.freeimages.com/photo/graduation-1316905
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